At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to end a positive week with a small daily decline. The benchmark index is currently down 0.4% to 6,971 points.
Here’s what has been happening on the market today:
Tech shares rise
A number of tech shares including Kogan.com Ltd (ASX: KGN) and Nextdc Ltd (ASX: NXT) are outperforming the market today. This appears to have been driven by improving investor sentiment in the tech sector following a solid night of trade on the Nasdaq index. The tech-focused index outperformed other benchmarks with a decent 1% gain. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is up 0.6%.
Afterpay US update
The Afterpay Ltd (ASX: APT) share price is trading higher today after announcing the completion of the tender offer made to eligible participants under the Afterpay US 2018 Equity Incentive Plan. According to the release, following its completion, the company’s underlying interest in the Afterpay US business has now increased to approximately 91%. This is up from 80% at the end of the first half of FY 2021.
Big four banks drop
The big four banks are all out of form on Friday and weighing heavily on the performance of the ASX 200. While all four banks are in the red, the Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price is the worst performer with a 0.5% decline. Investors may be taking profit after some very strong gains in the sector so far in 2021.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Friday has been the Kogan share price with a 4.5% gain. This follows a rebound in beaten down tech stocks today. The worst performer on the index has been the Flight Centre Travel Group Ltd (ASX: FLT) share price with a decline of almost 3%. This may be due to concerns over Australia’s vaccine rollout.
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More reading
- Why Anteotech, EROAD, Jindalee Resources, & Kogan are pushing higher
- 4 fantastic ASX shares with exposure to the cloud computing boom
- Looking for the next Afterpay and Zip? Try these small cap ASX shares
- Why the Afterpay (ASX:APT) share price is pushing higher today
- This broker expects great things from Bank of Queensland’s (ASX:BOQ) results next week
James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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